VeChain Foundation to Buy Back $25 Million Worth of VET Tokens

VeChain Foundation took to Twitter to share the exciting and bullish news with the community that involves a buyback plan.

Per this announcement, Sunny Lu, the CEO of VeChain, during the AMA marathon, announced that the VeChain Foundation Steering Committee has decided to conduct a VET buyback plan of up to $25 million USD over the course of the next twelve months.

This buy back plan reportedly will be used to incentivize the ecosystem builders for long term success.

They need to burn it….🥳

— Fomo_Rekktoshi💸 (@SatosiMr2) June 30, 2019

VeChain is the 28th largest cryptocurrency with a market capitalization of $463 billion. Its token VET is currently trading at $0.0083 with 24 hours gains of 4.48 percent, at the time of writing.

It means that vechain believes that their token is underpriced so they are buying it back. Good news for investors

— christian lawrence (@christianlaw007) June 30, 2019

The community is excited about this news as is VET which is among the few cryptocurrencies that are in the green as top digital currencies are down 3 to 8 percent. It is also the only coin among the top 35 that is green by over 4 percent.

Genius set up thats why i love $vet companies need vtho only way they can get it is buy heaps of Vet and lock it up.

Soon we get to a stage where so much has been bought and locked up it becomes scarce

Meaning Vet 🚀🚀🚀🚀🚀

— "Level playing field" (@SportingInsigh1) June 30, 2019

VeChain, however, is not the only one to come up with the buy back plan. Earlier this week, Tron Foundation announced a $20 million buyback plan that is part of its initiative to boost community activity and market stability. The official announcement reported it to be the largest Tron buyback plan so far and on January 1, 2020, it will reveal its TRX holding.

This month itself, crypto exchange Bitfinex announced a transparency initiative to provide a full view of the buyback and burning of its LEO exchange token. Binance, the largest cryptocurrency exchange already had a buyback and burn plan for its native digital currency Binance Coin (BNB).

This buyback plan followed the big news of Walmart China joining Vechain and PwC for its new blockchain traceability program.